Hello everyone, I am looking for advice/input from the members that have sold deals using owner finance terms, please share what tools, software, apps, or cloud based solutions you are using in your business to both setup and manage the deals. Hope to learn more about the best all-inclusive, cost effective solution, Pros/cons/costs, etc….
Mike, you have been very successful selling deals using owner finance with interest terms. I appreciate your deal break downs with all the numbers, but what software are you using to take in payments, and manage/track your payment history, interest, and end of year reporting?
Has anybody found a good all-inclusive, solution to take payments with interest, tracking of payment history (late/slow/stopped payments), and end of year statements and IRS reports for interest paid to date?
Some solutions that have been shared within Success Plant are:
1. Freshbooks and Stripe with Mortgage+Care
2. Buildium.com – (installment contracts = 2.5X the cash price, no interest)
3. Wave App – cloud based invoicing (ability to charge compound interest?)
4. ZimnpleMoney.com (Impressive Loan and lease/rent payment services)
5. Excel spreadsheet Loan amortization schedule (manually tracking)
6. Outsource the note servicing to 3rd party Escrow/Loan servicing company
Thanks – Troy
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